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Ensco Sells Jackup Rigs for $95M

Ensco Sells Jackup Rigs for $95M
Ensco International announced that subsidiaries of the Company have sold two jackup drilling rigs, ENSCO 50 and ENSCO 51. Both are F&G L-780 MOD II-C designs built in the early 1980s.

Ensco International Sells Jackup Rigs for $95M

Ensco International announced that subsidiaries of the Company have sold two jackup drilling rigs, ENSCO 50 and ENSCO 51. Both are F&G L-780 MOD II-C designs built in the early 1980s. The combined sale price for the two rigs is approximately $95 million. As of December 31, 2009, the total net book value for ENSCO 50 and ENSCO 51 was approximately $63 million. Both rigs will be reclassified as discontinued operations on Ensco's financial statements as of first quarter 2010.

Chief Financial Officer Jay Swent commented, "We have a long history of high-grading our fleet by investing in newer equipment and divesting older assets. Monetizing ENSCO 50 and ENSCO 51 provides us added flexibility to potentially acquire new premium jackups as we continue investing in our growing fleet of ultra-deepwater semisubmersibles."

www.turkishmaritime.com.tr

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